FirstService Corporation (TSX: FSV; NASDAQ: FSV) today reported
strong results for its third quarter ended September 30, 2021. All
amounts are in US dollars.
Consolidated revenues for the third quarter were
$849.4 million, a 14% increase relative to the same quarter in
the prior year, including 8% organic growth. Adjusted EBITDA (note
1) increased 6% to $94.2 million, and Adjusted EPS (note 2)
was $1.50, representing 26% growth over the prior year quarter.
During the third quarter, FirstService reported GAAP Operating
Earnings of $61.5 million, up from $59.1 million in the
prior year period. The GAAP diluted earnings per share was $1.03 in
the quarter, compared to $0.75 for the same quarter a year ago.
For the nine months ended September 30, 2021,
consolidated revenues were $2.39 billion, a 20% increase
relative to the comparable prior year period, Adjusted EBITDA was
$243.8 million, up 20%, and Adjusted EPS was $3.36, an
increase of 38% versus the prior year period. FirstService’s GAAP
Operating Earnings were $156.8 million in the current year
period, versus $120.0 million in the prior year. The GAAP diluted
earnings per share for the nine months year-to-date was $2.35,
compared to $1.52 in the prior year period.
“We are pleased that all of our businesses
contributed in delivering strong organic growth,” said Scott
Patterson, Chief Executive Officer of FirstService. “This
performance was particularly impressive, given the ongoing labour
and resource constraints which limited our ability to drive further
growth. Market demand indicators remain strong and provide us with
confidence in navigating through the challenging macroeconomic
environment,” he concluded.
About FirstService Corporation
FirstService Corporation is a
North American leader in the essential outsourced property services
sector, serving its customers through two industry-leading service
platforms: FirstService Residential - North
America’s largest manager of residential communities; and
FirstService Brands - one of North America’s
largest providers of essential property services delivered through
individually branded franchise systems and company-owned
operations.
FirstService generates more than
US$3.1 billion in annual revenues and has approximately 24,000
employees across North America. With significant insider ownership
and an experienced management team, FirstService has a long-term
track record of creating value and superior returns for
shareholders. The common shares of FirstService trade on the NASDAQ
under the symbol “FSV” and on the Toronto Stock Exchange under the
symbol “FSV”, and are included in the S&P/TSX 60 Index. More
information is available at www.firstservice.com.
Segmented Quarterly
ResultsFirstService Residential revenues were
$423.1 million for the third quarter, up 13% compared to the
prior year quarter, including organic growth of 8% and the
remaining contribution from recent tuck-under acquisitions. Revenue
growth in the quarter reflected ongoing contract wins and was
augmented by increased labour-driven services in our amenity
management offering related to further client facility reopenings
in the aftermath of the pandemic. Adjusted EBITDA for the quarter
was $45.1 million, versus $41.8 million in the prior year
period. GAAP Operating Earnings were $38.0 million, versus
$35.2 million for the third quarter of last year. Margins
decreased during the quarter as a result of increased wage
inflation compared to the prior year.
FirstService Brands revenues during the third
quarter grew to $426.4 million, up 16% relative to the prior year
period. Organic growth was 9%, with the balance from recent
tuck-under acquisitions. Top-line growth was broad-based across all
of our service lines, including double-digit organic growth at our
home improvement brands and Century Fire Protection. Adjusted
EBITDA for the third quarter was $53.0 million, versus
$48.7 million in the prior year period. GAAP Operating
Earnings were $31.1 million, versus $28.5 million in the
prior year quarter. The division margin decline was due to
increased supply chain costs and associated labour cost increases
during the third quarter.
Corporate costs, as presented in Adjusted
EBITDA, were $3.9 million in the third quarter, relative to
$1.8 million in the prior year period. On a GAAP basis,
corporate costs for the quarter were $7.5 million, relative to
$4.5 million in the prior year period. The year-over-year cost
increase reflects higher compensation expense compared to the prior
year third quarter, which included significant COVID-19 expense
reductions.
Conference CallFirstService
will be holding a conference call on Tuesday, October 26, 2021 at
11:00 a.m. Eastern Time to discuss the quarter’s results. The
numbers to use for this call are 1) toll-free 1-888-241-0551; or 2)
for international callers, 647-427-3415. The call will be
simultaneously webcast and can be accessed live or after the call
at www.firstservice.com in the “Investors / Newsroom” section.
Forward-looking StatementsThis
press release includes or may include forward-looking statements.
Much of this information can be identified by words such as “expect
to,” “expected,” “will,” “estimated” or similar expressions
suggesting future outcomes or events. FirstService believes the
expectations reflected in such forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon. These statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results to be materially different from any future results,
performance or achievements contemplated in the forward-looking
statements. Such factors include: (i) general economic and business
conditions, which will, among other things, impact demand for
FirstService’s services and the cost of providing services; (ii)
the ability of FirstService to implement its business strategy,
including FirstService’s ability to acquire suitable acquisition
candidates on acceptable terms and successfully integrate newly
acquired businesses with its existing businesses; (iii) changes in
or the failure to comply with government regulations; and (iv)
other factors which are described in FirstService’s annual
information form for the year ended December 31, 2020 under
the heading “Risk factors” (a copy of which may be obtained at
www.sedar.com) and Annual Report on Form 40-F filed with the United
States Securities and Exchange Commission (a copy of which may be
obtained at www.sec.gov), and subsequent filings (which factors are
adopted herein). Forward-looking statements contained in this press
release are made as of the date hereof and are subject to change.
All forward-looking statements in this press release are qualified
by these cautionary statements. Unless otherwise required by
applicable securities laws, we do not intend, nor do we undertake
any obligation, to update or revise any forward-looking statements
contained in this press release to reflect subsequent information,
events, results or circumstances or otherwise.
Summary financial information is provided in
this press release. This press release should be read in
conjunction with the Company's consolidated financial statements
and MD&A to be made available on SEDAR at www.sedar.com.
COMPANY CONTACTS:
D. Scott
PattersonPresident &
CEO Jeremy
RakusinChief Financial Officer
(416) 960-9566
Notes1. Reconciliation of net
earnings to adjusted EBITDA:
Adjusted EBITDA is defined as net earnings,
adjusted to exclude: (i) income tax; (ii) other expense (income);
(iii) interest expense; (iv) depreciation and amortization; (v)
acquisition-related items; and (vi) stock-based compensation
expense. We use adjusted EBITDA to evaluate our own operating
performance and our ability to service debt, as well as an integral
part of our planning and reporting systems. Additionally, we use
this measure in conjunction with discounted cash flow models to
determine the Company’s overall enterprise valuation and to
evaluate acquisition targets. We present adjusted EBITDA as a
supplemental measure because we believe such measure is useful to
investors as a reasonable indicator of operating performance
because of the low capital intensity of the Company’s service
operations. We believe this measure is a financial metric used by
many investors to compare companies, especially in the services
industry. This measure is not a recognized measure of financial
performance under GAAP in the United States, and should not be
considered as a substitute for operating earnings, net earnings or
cash flow from operating activities, as determined in accordance
with GAAP. Our method of calculating adjusted EBITDA may differ
from other issuers and accordingly, this measure may not be
comparable to measures used by other issuers. A reconciliation of
net earnings to adjusted EBITDA appears below.
|
|
Three months ended |
|
Nine months ended |
(in thousands of
US$) |
September 30 |
|
September 30 |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
52,872 |
|
|
$ |
40,966 |
|
|
$ |
120,735 |
|
|
$ |
76,663 |
|
Income tax |
|
17,321 |
|
|
|
12,969 |
|
|
|
39,321 |
|
|
|
24,118 |
|
Other income,
net |
|
(12,539 |
) |
|
|
(269 |
) |
|
|
(15,295 |
) |
|
|
(645 |
) |
Interest expense,
net |
|
3,873 |
|
|
|
5,464 |
|
|
|
12,031 |
|
|
|
19,881 |
|
Operating
earnings |
|
61,527 |
|
|
|
59,130 |
|
|
|
156,792 |
|
|
|
120,017 |
|
Depreciation and
amortization |
|
23,977 |
|
|
|
26,184 |
|
|
|
70,876 |
|
|
|
73,179 |
|
Acquisition-related items |
|
5,152 |
|
|
|
950 |
|
|
|
4,946 |
|
|
|
1,752 |
|
Stock-based
compensation expense |
|
3,540 |
|
|
|
2,468 |
|
|
|
11,230 |
|
|
|
8,880 |
|
Adjusted
EBITDA |
$ |
94,196 |
|
|
$ |
88,732 |
|
|
$ |
243,844 |
|
|
$ |
203,828 |
|
2. Reconciliation of net earnings and diluted net earnings per
share to adjusted net earnings and adjusted net earnings per
share:
Adjusted earnings per share is defined as
diluted net earnings per share, adjusted for the effect, after
income tax, of: (i) the non-controlling interest redemption
increment; (ii) acquisition-related items; (iii) amortization
expense related to intangible assets recognized in connection with
acquisitions; and (iv) stock-based compensation expense. We believe
this measure is useful to investors because it provides a
supplemental way to understand the underlying operating performance
of the Company and enhances the comparability of operating results
from period to period. Adjusted earnings per share is not a
recognized measure of financial performance under GAAP, and should
not be considered as a substitute for diluted net earnings per
share, as determined in accordance with GAAP. Our method of
calculating this non-GAAP measure may differ from other issuers
and, accordingly, this measure may not be comparable to measures
used by other issuers. A reconciliation of net earnings to adjusted
net earnings and of diluted net earnings per share to adjusted
earnings per share appears below.
|
|
Three months ended |
|
Nine months ended |
(in thousands of
US$) |
September 30 |
|
September 30 |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
52,872 |
|
|
$ |
40,966 |
|
|
$ |
120,735 |
|
|
$ |
76,663 |
|
Non-controlling
interest share of earnings |
|
(1,564 |
) |
|
|
(760 |
) |
|
|
(6,927 |
) |
|
|
(5,841 |
) |
Acquisition-related items |
|
5,152 |
|
|
|
950 |
|
|
|
4,946 |
|
|
|
1,752 |
|
Amortization of
intangible assets |
|
10,567 |
|
|
|
13,191 |
|
|
|
30,987 |
|
|
|
35,416 |
|
Stock-based
compensation expense |
|
3,540 |
|
|
|
2,468 |
|
|
|
11,230 |
|
|
|
8,880 |
|
Income tax on
adjustments |
|
(3,668 |
) |
|
|
(4,071 |
) |
|
|
(10,977 |
) |
|
|
(11,517 |
) |
Non-controlling
interest on adjustments |
|
(404 |
) |
|
|
(303 |
) |
|
|
(756 |
) |
|
|
(823 |
) |
Adjusted net
earnings |
$ |
66,495 |
|
|
$ |
52,441 |
|
|
$ |
149,238 |
|
|
$ |
104,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
(in US$) |
September 30 |
|
September 30 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
earnings per share |
$ |
1.03 |
|
|
$ |
0.75 |
|
|
$ |
2.35 |
|
|
$ |
1.52 |
|
Non-controlling
interest redemption increment |
|
0.13 |
|
|
|
0.17 |
|
|
|
0.22 |
|
|
|
0.13 |
|
Acquisition-related items |
|
0.11 |
|
|
|
0.02 |
|
|
|
0.11 |
|
|
|
0.04 |
|
Amortization of
intangible assets, net of tax |
|
0.17 |
|
|
|
0.21 |
|
|
|
0.50 |
|
|
|
0.60 |
|
Stock-based
compensation expense, net of tax |
|
0.06 |
|
|
|
0.04 |
|
|
|
0.18 |
|
|
|
0.15 |
|
Adjusted earnings
per share |
$ |
1.50 |
|
|
$ |
1.19 |
|
|
$ |
3.36 |
|
|
$ |
2.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTSERVICE CORPORATION |
Condensed
Consolidated Statements of Earnings |
(in thousands of
US dollars, except per share amounts) |
|
|
|
|
|
Three months |
|
|
Nine months |
|
|
|
|
|
ended September 30 |
|
|
ended September 30 |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
849,431 |
|
|
$ |
741,932 |
|
|
$ |
2,392,127 |
|
|
$ |
1,997,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
579,309 |
|
|
|
496,367 |
|
|
|
1,624,797 |
|
|
|
1,343,526 |
|
Selling, general
and administrative expenses |
|
|
179,466 |
|
|
|
159,301 |
|
|
|
534,716 |
|
|
|
458,886 |
|
Depreciation |
|
|
13,410 |
|
|
|
12,993 |
|
|
|
39,889 |
|
|
|
37,763 |
|
Amortization of
intangible assets |
|
|
10,567 |
|
|
|
13,191 |
|
|
|
30,987 |
|
|
|
35,416 |
|
Acquisition-related items (1) |
|
|
5,152 |
|
|
|
950 |
|
|
|
4,946 |
|
|
|
1,752 |
|
Operating
earnings |
|
|
61,527 |
|
|
|
59,130 |
|
|
|
156,792 |
|
|
|
120,017 |
|
Interest expense,
net |
|
|
3,873 |
|
|
|
5,464 |
|
|
|
12,031 |
|
|
|
19,881 |
|
Other income
(2) |
|
|
(12,539 |
) |
|
|
(269 |
) |
|
|
(15,295 |
) |
|
|
(645 |
) |
Earnings before
income tax |
|
|
70,193 |
|
|
|
53,935 |
|
|
|
160,056 |
|
|
|
100,781 |
|
Income tax |
|
|
17,321 |
|
|
|
12,969 |
|
|
|
39,321 |
|
|
|
24,118 |
|
Net
earnings |
|
|
52,872 |
|
|
|
40,966 |
|
|
|
120,735 |
|
|
|
76,663 |
|
Non-controlling
interest share of earnings |
|
|
1,564 |
|
|
|
760 |
|
|
|
6,927 |
|
|
|
5,841 |
|
Non-controlling
interest redemption increment |
|
|
5,693 |
|
|
|
7,379 |
|
|
|
9,603 |
|
|
|
5,588 |
|
Net
earnings attributable to Company |
|
$ |
45,615 |
|
|
$ |
32,827 |
|
|
$ |
104,205 |
|
|
$ |
65,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.04 |
|
|
$ |
0.76 |
|
|
$ |
2.38 |
|
|
$ |
1.54 |
|
|
Diluted |
|
|
1.03 |
|
|
|
0.75 |
|
|
|
2.35 |
|
|
|
1.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings per share (3) |
|
$ |
1.50 |
|
|
$ |
1.19 |
|
|
$ |
3.36 |
|
|
$ |
2.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
43,865 |
|
|
|
43,476 |
|
|
|
43,798 |
|
|
|
42,480 |
|
|
|
Diluted |
|
|
44,471 |
|
|
|
43,942 |
|
|
|
44,351 |
|
|
|
42,868 |
|
Notes to Condensed Consolidated
Statements of Earnings(1) Acquisition-related items
include transaction costs, and contingent acquisition consideration
fair value adjustments.(2) Other income includes a $12.5 million
pre-tax gain from the divestiture of a small, non-core operation in
the FirstService Residential segment.(3) See definition and
reconciliation above.
Condensed
Consolidated Balance Sheets |
|
|
|
|
|
(in thousands of
US dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
December 31, 2020 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash
equivalents |
$ |
140,861 |
|
$ |
184,295 |
|
Restricted
cash |
|
31,262 |
|
|
24,643 |
|
Accounts
receivable |
|
534,279 |
|
|
418,890 |
|
Prepaid and other
current assets |
|
223,442 |
|
|
191,488 |
|
|
Current assets |
|
929,844 |
|
|
819,316 |
|
Other non-current
assets |
|
17,430 |
|
|
14,970 |
|
Fixed assets |
|
134,791 |
|
|
126,569 |
|
Operating lease
right-of-use assets |
|
156,708 |
|
|
153,185 |
|
Goodwill and
intangible assets |
|
1,155,621 |
|
|
1,082,500 |
|
|
Total
assets |
$ |
2,394,394 |
|
$ |
2,196,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
Accounts payable
and accrued liabilities |
$ |
400,015 |
|
$ |
349,692 |
|
Other current
liabilities |
|
134,922 |
|
|
102,266 |
|
Operating lease
liabilities - current |
|
38,740 |
|
|
35,315 |
|
Long-term debt -
current |
|
56,378 |
|
|
56,478 |
|
|
Current
liabilities |
|
630,055 |
|
|
543,751 |
|
Long-term debt -
non-current |
|
509,270 |
|
|
533,126 |
|
Operating lease
liabilities - non-current |
|
128,885 |
|
|
128,793 |
|
Other
liabilities |
|
105,191 |
|
|
96,093 |
|
Deferred income
tax |
|
40,078 |
|
|
41,345 |
|
Redeemable
non-controlling interests |
|
212,814 |
|
|
193,034 |
|
Shareholders'
equity |
|
768,101 |
|
|
660,398 |
|
|
Total
liabilities and equity |
$ |
2,394,394 |
|
$ |
2,196,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
Total debt |
$ |
565,648 |
|
$ |
589,604 |
|
Total debt, net
of cash |
|
424,787 |
|
|
405,309 |
|
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
(in thousands of
US dollars) |
|
|
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
|
September 30 |
|
|
September 30 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
52,872 |
|
|
$ |
40,966 |
|
|
$ |
120,735 |
|
|
$ |
76,663 |
|
Items not
affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
23,978 |
|
|
|
26,184 |
|
|
|
70,877 |
|
|
|
73,179 |
|
|
Deferred income
tax |
|
|
(995 |
) |
|
|
(2,134 |
) |
|
|
(2,725 |
) |
|
|
(6,339 |
) |
|
Other |
|
|
(3,998 |
) |
|
|
2,486 |
|
|
|
4,000 |
|
|
|
8,155 |
|
|
|
|
|
71,857 |
|
|
|
67,502 |
|
|
|
192,887 |
|
|
|
151,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
non-cash working capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(41,135 |
) |
|
|
(27,384 |
) |
|
|
(79,821 |
) |
|
|
5,509 |
|
|
Payables and
accruals |
|
|
22,073 |
|
|
|
34,295 |
|
|
|
13,705 |
|
|
|
52,630 |
|
|
Other |
|
|
(24,254 |
) |
|
|
(32,494 |
) |
|
|
8,493 |
|
|
|
(14,837 |
) |
Net cash provided
by operating activities |
|
|
28,541 |
|
|
|
41,919 |
|
|
|
135,264 |
|
|
|
194,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
businesses, net of cash acquired |
|
|
(46,408 |
) |
|
|
(64,507 |
) |
|
|
(86,011 |
) |
|
|
(64,507 |
) |
Disposition of
business, net of cash disposed |
|
|
15,780 |
|
|
|
- |
|
|
|
15,780 |
|
|
|
- |
|
Purchases of fixed
assets |
|
|
(13,245 |
) |
|
|
(8,820 |
) |
|
|
(42,348 |
) |
|
|
(30,901 |
) |
Other investing
activities |
|
|
(1,836 |
) |
|
|
(544 |
) |
|
|
(6,112 |
) |
|
|
(1,330 |
) |
Net cash used in
investing activities |
|
|
(45,709 |
) |
|
|
(73,871 |
) |
|
|
(118,691 |
) |
|
|
(96,738 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
long-term debt, net |
|
|
(6,922 |
) |
|
|
(41,863 |
) |
|
|
(24,827 |
) |
|
|
(163,787 |
) |
Proceeds received
on common share issuance |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
150,008 |
|
Purchases of
non-controlling interests, net |
|
|
(276 |
) |
|
|
(3,723 |
) |
|
|
(5,676 |
) |
|
|
(18,790 |
) |
Dividends paid to
common shareholders |
|
|
(7,999 |
) |
|
|
(7,168 |
) |
|
|
(23,190 |
) |
|
|
(20,259 |
) |
Distributions paid
to non-controlling interests |
|
|
(1,057 |
) |
|
|
(3,368 |
) |
|
|
(8,213 |
) |
|
|
(3,418 |
) |
Other financing
activities |
|
|
(1,345 |
) |
|
|
5,255 |
|
|
|
8,516 |
|
|
|
6,483 |
|
Net cash used in
financing activities |
|
|
(17,599 |
) |
|
|
(50,867 |
) |
|
|
(53,390 |
) |
|
|
(49,763 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash |
|
|
(531 |
) |
|
|
(101 |
) |
|
|
2 |
|
|
|
(385 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash, cash equivalents and restricted cash |
|
|
(35,298 |
) |
|
|
(82,920 |
) |
|
|
(36,815 |
) |
|
|
48,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, beginning of period |
|
|
207,421 |
|
|
|
265,285 |
|
|
|
208,938 |
|
|
|
134,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, end of period |
|
$ |
172,123 |
|
|
$ |
182,365 |
|
|
$ |
172,123 |
|
|
$ |
182,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmented
Results |
(in thousands of
US dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
423,069 |
|
$ |
426,362 |
|
$ |
- |
|
|
$ |
849,431 |
|
|
Adjusted
EBITDA |
|
45,083 |
|
|
53,009 |
|
|
(3,896 |
) |
|
|
94,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings |
|
37,998 |
|
|
31,074 |
|
|
(7,545 |
) |
|
|
61,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
374,756 |
|
$ |
367,176 |
|
$ |
- |
|
|
$ |
741,932 |
|
|
Adjusted
EBITDA |
|
41,805 |
|
|
48,678 |
|
|
(1,751 |
) |
|
|
88,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings |
|
35,200 |
|
|
28,451 |
|
|
(4,521 |
) |
|
|
59,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
|
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
months ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,179,770 |
|
$ |
1,212,357 |
|
$ |
- |
|
|
$ |
2,392,127 |
|
|
Adjusted
EBITDA |
|
120,984 |
|
|
134,587 |
|
|
(11,727 |
) |
|
|
243,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings |
|
101,646 |
|
|
78,329 |
|
|
(23,183 |
) |
|
|
156,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,052,572 |
|
$ |
944,788 |
|
$ |
- |
|
|
$ |
1,997,360 |
|
|
Adjusted
EBITDA |
|
102,940 |
|
|
106,468 |
|
|
(5,580 |
) |
|
|
203,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings |
|
84,604 |
|
|
50,722 |
|
|
(15,309 |
) |
|
|
120,017 |
|
FirstService (NASDAQ:FSV)
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From Jul 2024 to Aug 2024
FirstService (NASDAQ:FSV)
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From Aug 2023 to Aug 2024